New York, NY, Aug. 20, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Next Generation Battery Market by Technology (Lithium-ion, Advanced Lead-Acid Batteries, Molten Salt Batteries, Flow Batteries, and Others), and by Application (Transportation, Stationary Energy Storage, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global next generation battery market accounted for USD 35.66 million in 2017 and is expected to reach USD 2046.88 million globally by 2024, growing at a CAGR of around 78.35% between 2018 and 2024.
Lithium-ion batteries are being extensively used today. However, these batteries have some drawbacks such as they take a long time to recharge, high costs, short cycle lifetimes, and safety. Next generation batteries are different from the traditional Li-ion batteries. These batteries are incorporated with rechargeable stream batteries, poly-lithium-particle batteries, and propelled lead-corrosive. Next generation batteries like lithium-sulfur battery have more advantages than Li-ion battery systems, offering both superior theoretical capacities, thus having high energy densities. Next-generation batteries have some exceptional properties, such as they are lightweight, compact in size, and improved security highlights. Lithium-particle batteries are the most usually utilized batteries for vitality stockpiling. This is because of its property of being lightweight and minimal while supporting high vitality density.
Browse through 29 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Next Generation Battery Market: By Industry Type, Size, Share, Applications, Analysis and Forecast, 2017 – 2024”.
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The rising industrialization in the developing countries is anticipated to influence the next generation batteries market. The major factor driving the growth of next generation battery market is the increasing adoption of e-mobility industry, growing electric vehicle market, and increasing usage of consumer electronic appliances. Further, the need for large and efficient batteries for a sufficient amount of power storage is building the demand for higher next generation battery capacities. Furthermore, huge investments by automotive giants in research and development in electric vehicle batteries and rising government initiatives for green fuel is also another major factor fuelling the market growth. This is owing to the increasing awareness regarding green energy initiatives. In addition, next-generation battery developers are focusing on technological advancements and scaling up the mass-production of the next generation batteries. However, limitation in the technologies and the high cost of manufacturing batteries are some of the major factors which are hindering the growth of next generation batteries market.
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On the basis of technology, the global next generation battery market is segmented into Lithium-ion, advanced lead-acid batteries, molten salt batteries, flow batteries, and others. Lithium-ion is further classified into advance Li-ion, lithium sulfur and lithium solid-state. On the basis of application, the global next generation battery market is segmented into transportation, stationary energy storage, and others. All the segments are analyzed based on the present and the future trends and the market is estimated from 2018 to 2024. On the basis of regions, the global next generation battery market is segmented into the Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe with its further division into the U.S., UK, Germany, France, China, India, Japan, and Brazil.
In terms of revenue, North America held the largest share of the next generation batteries market in 2017. The countries such as the U.S. and Canada are leading the market in this region. The growth is attributed to the rising awareness regarding the use of electric vehicles and stringent rules and regulations of government policies to encourage the use of an electric vehicle. The presence of some of the prominent players such as Sion Power, Envia Systems Inc., Amprius Inc., Ambri Inc., Lockheed Martin, and Seeo in this region is one of the factors which drives the next generation batteries market.
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The European next generation batteries market is mainly driven by the technological advancements in chemical and semiconductor industries which led to the evolution of innovative batteries that have high specific power and high energy density that enhance the efficiency of the battery in electric vehicles. The countries such as the UK and the Netherlands are anticipated to lead the growth of the European market within the forecast period. The demand for highly efficient and long-lasting batteries for various applications such as radio frequency identification (RFID) tags, powered smart cards, electronic appliances, smart wearables, smartphone, cameras, watches, drones, etc. are propelling the growth of the next generation battery market. The adoption of new technologies in electric vehicles to reduce carbon footprints is increasing the demand for next generation batteries market.
The Asia Pacific region is expected to represent the fastest growth rate for the next generation batteries market in the forecast period. The growth is owing to the rising industrialization in the developing countries such as China and India. Within the region, China will represent the most substantive sales growth in both unit and percentage terms, fuelled by an increasing number of electric vehicles offered for sale in the country. Increasing adoption of the e-mobility industry, increasing electric vehicle market, and high usage of consumer electronic appliances which is creating a huge demand for efficient power storage systems are driving the growth of next generation batteries market.
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Latin America and the Middle East & Africa also have a potential market for the further growth of the next generation battery market. Rising urbanization and increasing demand for electric vehicles are some factors driving the next generation battery market in these regions. About 80% of the world's lithium comes from Latin America which is used in designing batteries. Rapid advancement in technologies to reduce the cost, the weight of batteries, and increase their power output is expected to drive the growth of the Middle East and Africa.
The major players of next generation batteries market include Samsung, Saft Group, Panasonic Corporation, Sion Power, Envia Systems Inc., Ambri Inc., Lockheed Martin, Hitachi, Fluidic Energy, LG Chemicals, Phinergy, Amprius Inc., Mitsubishi Chemical, Seeo, Uniross Batteries, PolyPlus Transfection, and OXIS Energy.
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The report segments the next generation battery market as follows:
Global Next Generation Battery Market: Technology Segment Analysis
- Lithium-ion
- Advanced Li-ion
- Lithium Sulfur
- Lithium Solid-state
- Advanced Lead-Acid Batteries
- Molten Salt Batteries
- Flow batteries
- Others
Global Next Generation Battery Market: Application Segment Analysis
- Transportation
- Stationary Energy Storage
- Others
Global Next Generation Battery Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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